The Indian Meteorological Department (IMD) said in a statement on Tuesday that the country would receive "normal" monsoon, with a fair distribution of rainfall across major parts of country.
All eyes are set on the first monsoon forecast by the India Meteorological Department (IMD).
India will have good distribution of rainfall this year, Ramesh said.
The monsoon delivers about 70 percent of India's annual rainfall, critical for growing crops such as rice, sugar cane, corn, cotton and soybeans because almost half of the country's farmland lacks irrigation.
According to the IMD, 96 per cent is however averaged over the country as a whole, while the regional forecast will be done in June and the date of the monsoon's onset into Kerala will be announced in late May. Typically, it cuts rainfall in South Asia, including India, and triggers flooding in western US and South America.
The weather agency departed from its own tradition and declined to make public the probability values for other ranges of rainfall amounts - excess, above normal, below normal, and deficient. Rains were below normal in around 100 districts of the country while parts of Tamil Nadu and Karnataka suffered a drought-like situation, also because of winter monsoon being below normal.
El Niño, a warming of ocean surface temperatures in the eastern and central Pacific that typically occurs every few years, faded in 2016 and was linked to crop damage, fires and flash floods. The turnaround followed two consecutive drought years of 2015 (14% deficit rainfall) and 2014 (12% deficit).
IMD's projection of a "normal" monsoon this year also, will help RBI and government in managing inflation and boosting growth prospects at a time when the investment scenario is failing to improve.
Forecasters globally are predicting a return to El Nino, with Australia's Bureau of Meteorology putting a 50 percent probability on it developing this year.
ICRA pointed out that though the current water-reservoir storage exceeds the level during 2016, it may still not prove adequate to shield the crop sector, if monsoon rainfall turns out to be appreciably weaker than the IMD's initial forecast.
"But there is no one-to-one relationship between El Nino and the monsoon", said D. Sivananda Pai, head of the forecasting team at IMD Pune.
The actual status of the overall rainfall in India would however depends on the future status of "El Nino" and 'Indian Ocean Dipole (IOD)' activities.